I am aware how vital ports are to the economy and to keeping trade moving efficiently and on time. Although investment in ports has greatly improved the capacity and quality of port facilities, the level of growth in Ireland's international trade and in port activity generally underlines the need for continued investment. Some 90 per cent of trade by volume and 84 per cent by value is transported through Ireland's ports each year.
In relation to the optimum development of commercial seaports, my Department has overseen the transformation of the Irish commercial seaports over the past ten years by a number of major investment programmes (the operational programme for peripherality 1989 to 1993 and the operational programme for transport 1994 to 1999, (OPT), the Cohesion Fund and the Ireland/ Wales Maritime INTERREG Programme, 1994 to 1999), linking of grant aid to the removal of major institutional bottlenecks in seaports; and the establishment of modem commercially motivated and organised semi-state bodies under the 1996 Harbours Act.
Over the ten year period from 1989 to 1999, the total investment in ports under all of the programmes listed above is estimated to be £220 million, of which some £163 million will have been expended under the current round of OPT, Cohesion and INTERREG initiatives.
The development and modernisation of the ports industry could not have been achieved without grant assistance under the above programmes. The scale of the various funding programmes reflected the low level of investment in the ports industry generally before the programmes were put in place.